Online-mortgage lender Better.com fired nearly 3,000 employees across the U.S. and India, about 35% of its total workforce.

The development comes after Better cut 9% of its workforce last year on a video conference call that was followed by CEO Vishal Garg’s temporary leave. All affected employees will be eligible for severance while those based in the U.S. will receive extended medical benefits.

CFO Kevin Ryan said the decision was driven by market headwinds like rising interest rates.

“It is in no way a reflection on the personal performance of any departing team members, all of whom have contributed to Better’s success," Ryan said.